Reno - Sparks August MLS Sales Statistics
General Overview of the Reno/Sparks Multiple Listing Service data for August 2009:
While pricing appeared to have leveled out with the median staying at $200,000 for the first 3 months of the year April saw a 6% decline from March and May declined nearly 7% to $175,000. June, July & August seem to have hit another bottom, hopefully temporary, before there is an upward bounce. The trend is still downward but, unlike southern Nevada, hasn’t been so relentless in its decline.
There were 454 June MLS single family detached closings – down over 9% from July but up over 42% from August 2008. The breakdown by transaction type: 41% REO, 23% short sale and 35% ‘normal’.
Median sales price per square foot like the median sales price is up and down from month to month but has been fairly flat for the last 4 months. Oddly this month the REO median value ratio increased slightly more than 1% while the overall median declined slightly.
The Reno/Sparks market has shown a greater amount of volatility in pricing and sales volume than the Las Vegas metro market, however, overall northern Nevada seems to be less affected by the huge number of REO properties that has plagued southern Nevada.
There has been a lot of speculation that the banks are sandbagging foreclosed properties in an effort to arrest the dramatic price declines in both markets. However, we have not seen any hard numbers from any of the sources who talk about this shadow market that could accelerate the downward move in prices.
However, due to the percentage of short sale listings (45%) versus the percentage of short sale closings (23% in August) it seems that the foreclosure process is far from over. Unless a new program/process is unveiled to address the issue many of the short sale listings are destined to become foreclosures.
Financing: cash and FHA transactions continue to dominate in REO purchases accounting for 28% and 40% respectively.
For REO Only: Average Sales Price of $173,175 and an average of $92.17 per square foot while the median sales price was $143,000 and a median value ratio of $91.19. Sales prices ranged from $39,000 to $935,000 with sizes ranging from 742 square feet to 6,744 square feet.
For non-REO:
For the 371 normal/Short Sale transactions the Average Sales Price was $243,000 and an average of $115.72 per square foot while the median sales price was $212,000 with a median value ratio of $112.64. Prices ranged from $37,000 to $1,050,000 with sizes ranging from 462 square feet to 6,165 square feet.
Days On Market: Median Days on the MLS were 105 and 57 for non-REO and REO transactions respectively.
This report in pdf format with additional graphs may be requested by contacting me.
Frank Nason, President
FrankNason@ResidentialResources.com
702-597-2855 Office or Toll-free 866-597-2855
5520 South Fort Apache Road, Las Vegas, Nevada 89148